Nomura

Bank of Ireland is set to sell its third senior unsecured benchmark since the financial crisis on Wednesday, choosing a three year deal. Meanwhile, La Caixa has drawn a strong response for a euro benchmark senior unsecured of its own.

Taiwanese banks considering Chinese hotel chain 7 Days Group Holdings’ $300m leveraged loan are demanding an upward revision in fees for underwritten commitments, several sources have told GlobalCapital Asia. The appetite to lend still remains, but overexposure to China names, a fear of defaults and a steep rise in funding costs are backing lenders into a corner, writes Rashmi Kumar.

Arion Banki's planned euro bond sale — the first such deal from an Icelandic institution since the credit crisis — has got market participants speculating where the deal will price, with some arguing that demanding UK investors will push the spread to 350bp over mid-swaps.

UK investors are likely to determine the pricing on Arion's upcoming euro deal, according to market participants.

Woori Bank printed the first US dollar Basel III tier two bond from a South Korean issuer on Wednesday night. A big order book helped the borrower to tighten initial guidance by 30bp, the largest margin for an Asian issuer issuing a Basel III compliant security.

Woori Bank opened the books for the first dollar denominated Basel III deal from a South Korean bank on Wednesday morning with a 10 year bullet tier two bond.

Korea Expressway Corporation is back in the market with a three year transaction on Tuesday as Korean credits come out in force with mandates and new issues.

Woori Bank is set to continue the rush of Basel III compliant tier two paper having mandated banks for a transaction which is expected to launch Wednesday.

Iceland's Arion Banki is to test the outer limits of investors’ growing receptiveness to peripheral European credits. The bank, carved out of the failed Kaupthing, is seeking to launch the first euro bond from an Icelandic financial institution since the credit crisis, writes Graham Bippart.

Iceland’s Arion Banki is planning to sell the country’s first benchmark euro bond from an Icelandic bank since the crisis, after Allied Irish Banks and Intesa Sanpaolo last week sold benchmark five year transactions that stirred up expectations that other peripheral banks were looking to come to market with longer dated paper.

In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.

Oaktree Capital sold its entire holding in recently floated central and eastern Europe-focused alcoholic drink firm Stock Spirits Group on Monday night. It was an accelerated bookbuild for a possibly unprecedented 500 average trading days volume in the shares.